GCI Prices $450 million of New Senior Notes due 2025
March 30 2015 - 9:08AM
Anchorage, Alaska, March 30, 2015 - General
Communication, Inc. (Nasdaq: GNCMA) announced today the pricing of
$450 million of new 6.875% senior notes due 2025 at an issue price
of 99.105% (the "2025 Notes") to be issued by its wholly-owned
subsidiary, GCI, Inc. ("GCI"). The 2025 Notes will be senior
obligations of GCI. The net proceeds of the offering will be
used to fund the tender offer for, or redemption of, GCI's $425
million aggregate principal amount of outstanding senior notes due
2019 (the "2019 Notes") and to pay fees and expenses related to the
issuance of the 2025 Notes and purchase or redemption of the 2019
Notes. The offering is expected to close on April 1, 2015
subject to customary closing conditions.
GCI will make the offering pursuant to an
exemption under the Securities Act of 1933, as amended (the
"Securities Act"). The initial purchasers will offer the 2025
Notes only to persons reasonably believed to be Qualified
Institutional Buyers as permitted under Rule 144A of the Securities
Act, or outside the United States to certain persons in reliance on
Regulation S under the Securities Act. The 2025 Notes will
not be registered under the Securities Act or applicable state
securities laws and may not be offered or sold in the United States
absent registration under such laws or applicable exemptions from
such registration requirements.
In connection with the offering of the 2025 Notes,
GCI will agree, subject to certain conditions, to file a
registration statement relating to a registered offer to exchange
the 2025 Notes for new registered notes having substantially
identical terms as the 2025 Notes.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy the 2025 Notes, nor
shall there be any sales of 2025 Notes in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
Forward-Looking Statements
This press release includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including without
limitation, statements about the completion of the offering and the
use of proceeds from the offering. These forward-looking
statements involve many risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
by such statements, including, without limitation, general market
conditions. These forward-looking statements speak only as of
the date of this press release, and General Communication, Inc. and
GCI expressly disclaim any obligation or undertaking to disseminate
any updates or revisions to any forward-looking statement contained
herein to reflect any change in their expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statement is based. Please refer to the
publicly filed documents of General Communication, Inc. and GCI,
including their most recent Forms 10-Q and 10-K, for additional
information about General Communication, Inc. and GCI and about the
risks and uncertainties related to their business which may affect
the statements made in this press release.
Contact
Tom Chesterman
(907) 868-1585
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: General Communication Inc via Globenewswire
HUG#1907274
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